As soon as Cuong Do La took office, he encountered a sad incident, two tycoons from the mountain town were called out

Information from Tuoi Tre newspaper said that Quoc Cuong Gia Lai (stock code: QCG) has just announced that Mr. Nguyen Quoc Cuong (Cuong Do La) is the general director and also the legal representative of Quoc Cuong. Gia Lai.

This move took place just 3 days after Ms. Nguyen Thi Nhu Loan was prosecuted and detained for a case that occurred at the Vietnam Rubber Industry Group, related to project 39 - 39B Ben Van Don (District 4, Ho Chi Minh City).

It is known that Quoc Cuong Gia Lai also sent Cuong Do La's resume to the State Securities Commission when the businessman was nominated by the QCG Board of Directors to be a member of the board of directors of this multi-industry enterprise in the general meeting. The second shareholders' meeting is scheduled to be held on July 30.

However, although Ms. Nhu Loan's position as General Director was succeeded by Cuong Do La, the situation of QCG shares on the trading floor still shows no signs of improvement. Specifically, information from Dan Tri newspaper said that in the morning session of July 24, as soon as the market opened, the floor sale order for QCG shares was ready. Investors accept to exit goods at the session's lowest price. If short-term buyers want to sell in the morning session of July 24, they must buy from the July 19 session, a loss of 21%.

However, the chance of selling goods is still quite low because QCG's liquidity on the morning of July 24 was narrowed compared to the session on July 23. In the entire morning session, only 35,100 shares were matched at the floor price of 7,310 VND/unit, while the surplus sold at the floor price was 6.35 million units. In general, the current situation with QCG is still not improving compared to a few days ago.

Returning to Cuong Do La, although he has now returned to become General Director of Quoc Cuong Gia Lai, the male businessman only owns 537,500 shares (equivalent to 0.2% of the company's charter capital). This number is extremely small compared to Cuong's mother and sister. Ms. Nguyen Thi Nhu Loan owns 101,922,260 shares, equivalent to 37% of capital; Younger sister Nguyen Ngoc Huyen My (41 years old) owns 39,384,970 shares, 14.3% of QCG's charter capital; and Ms. Dam Thu Trang (Mr. Cuong's wife) does not own QCG shares.

It can be seen that the arrest of Ms. Nhu Loan has caused a stir in public opinion in recent days. Because, before getting into labor, she was a businessman and wealthy tycoon in the mountain town.

Besides Nhu Loan, every time we mention the mountain town tycoon, we cannot help but mention these two characters.

Accordingly, starting a business from the mountain town of Gia Lai, names like Hoang Anh Gia Lai, Quoc Cuong Gia Lai, Duc Long Gia Lai are no longer strange to business people. However, no road is filled with roses. Even though they achieved temporary glory, all three of these names encountered their own difficulties.

Hoang Anh Gia Lai is a business associated with the name of Mr. Doan Nguyen Duc, also known as Bau Duc. Starting from a small workshop making desks for students, then establishing HAGL Private Enterprise and expanding its business to planting and processing wood, rubber, football,...

After that, Bau Duc's company expanded to include hydropower, football, and real estate not only in expensive cities like Ho Chi Minh City and Da Nang but even abroad. Mr. Duc is so rich that he was the first businessman in Vietnam to buy a private plane for work.

After Mr. Duc is Ms. Nguyen Thi Nhu Loan - Cuong Dola's mother, starting a business from Gia Lai land, Ms. Loan pooled capital with her friends to open a wood processing factory for export. The businesswoman then founded Quoc Cuong Gia Lai Private Enterprise, the predecessor of Quoc Cuong Gia Lai Joint Stock Company.

Initially, this business specialized in providing wood products and then expanded its business to include coffee and fertilizer. In 2005, Ms. Loan ventured into the real estate business. After that, the business increasingly developed and operated in many different industries.

The other name is Duc Anh Gia Lai, this business was established based on the main industry of consumer wood processing. After 12 years of operation, in June 2007, Duc Long Gia Lai Group Joint Stock Company was established with a charter capital of 270 billion VND. After that, this enterprise in turn established 20 member companies, opened and established 13 domestic and foreign branches operating in multi-industry business and investment activities.

They all had a starting point related to the wood business, then ventured into real estate. Once they had a huge fortune, but not every road was paved with roses, all three of these names stepped into the darkness of business.

Hoang Anh Gia Lai could not avoid the economic recession in 2008. After 2021, Mr. Duc gradually divested capital from real estate, gradually selling land funds to fully develop agriculture. But then it lost m.oney for many years and was always under pressure to handle debt.

Regarding Quoc Cuong Gia Lai, this business fills the economic picture with gray, according to reports showing both revenue and profit decreased last year. Cumulatively for the whole year 2023, Quoc Cuong Gia Lai recorded net revenue of 432 billion VND, down to 1/3 compared to the previous year. Gross profit also plummeted to only 83 billion VND, down 40% compared to 137 billion VND the previous year.

Duc Long Gia Lai has been asked to open bankruptcy procedures twice in the past year. Recently, this business also sold all its capital contributions in Mass Noble Investments Limited Company (Mass Noble) - the company that is generating the main revenue for this business.

Cuong Dola's parent company evaporated 800 billion after 1 week, major creditors immediately appeared Thảo Mai10:22:29 26/07/2024Ms. Nguyen Thi Nhu Loan - Cuong Do's biological mother was recently arrested by the Police Department investigating c.orruption, economic and smuggling crimes (C03, Ministry of Public Security) for violating management regulations. , using State assets causing loss and waste.